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President Trump-backed World Liberty Financial is announcing plans to launch a new stablecoin on Tuesday that would be aimed at bridging traditional finance with digital assets.
According to a press release, the new stablecoin is called USD1, which will be pegged to the US dollar and backed by short-term government treasuries, dollar deposits and cash equivalents.
Says World Liberty Financial co-founder Zach Witkoff,
“USD1 provides what algorithmic and anonymous crypto projects cannot—access to the power of DeFi underpinned by the credibility and safeguards of the most respected names in traditional finance.
We’re offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions.”
Initially available on Ethereum (ETH) and Binance Smart Chain (BSC) networks, USD1 targets institutional and sovereign investors.
The platform has secured partnerships with BitGo, a digital asset custody firm, and completed $550 million in token sales. Mike Belshe, BitGo’s CEO, described the collaboration as a significant advancement in digital asset legitimacy.
To attract institutional adoption, WLFI says that USD1 prioritizes stability with a “conservative approach” that avoids complex yield-generating mechanisms, unlike other stablecoins that “introduce additional risk factors.”
USD1 will undergo regular third-party audits to ensure transparency. The company plans future expansion, including developing lending and borrowing markets through smart contract technology.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
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